The Economic and Financial Crimes Commission (EFCC) has intensified its efforts to clamp down on Binance and other cryptocurrency platforms in response to the recent uptick in the Dollar’s value compared to the Naira in the foreign exchange market.
Confirming the ongoing crackdown, EFCC spokesperson Dele Oyewale emphasized the Commission’s commitment to maintaining order within the country’s forex market through lawful means.
Recent reports indicate that the Naira experienced multiple depreciations against the Dollar last week, marking a reversal from months of sustained appreciation.
In his statement, Oyewale reiterated the EFCC’s dedication to upholding integrity in Nigeria’s foreign exchange landscape, underscoring the importance of adhering to legal frameworks.
The Commission has assumed jurisdiction over the alleged fraudulent activities of Binance, previously under the purview of the National Security Adviser’s office. Two executives of the firm, Nadeem Anjarwalla and Tigran Gambrayan, had been detained since February 26, with Anjarwalla managing to escape custody in March.
While efforts are underway to extradite Anjarwalla, Gambrayan has been brought before the court in April to face charges of tax evasion.
The government has consistently pointed fingers at currency speculators operating within cryptocurrency platforms as contributing factors to the Naira’s depreciation against the Dollar, signaling a continued focus on regulating such entities to stabilize the nation’s currency.
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